Your Directors take pleasure in presenting the 60^th Annual Report on the business and operations of the
Company together with the Audited Accounts for the year ended 31^st March, 2024.

FINANCIAL RESULTS:

(Rupees in Lakhs)

PERFORMANCE & PROSPECTS:

The operation of your Company has been closed since the year 2010 due to working capital shortage.
During the year under review, the Loss of the company was stood at Rs.25.05 Lakhs against the loss of
Rs. 21.91 Lakhs as compare to previous year. The Promoters of the Company are in the process of
infusing funds for the operation & revival of the Company.

CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY:

During the year under review, there has been no change in the nature of business of the Company.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY:

There is no material change in commitments affecting the financial position of the Company occurred
since the end of the financial year 2023-2024.

SUBSIDIARIES, ASSOCIATES OR JOINT VENTURES:

Your Company has no Associate Company and does not have any subsidiaries or joint ventures, during
the year under review.

DIVIDEND:

Considering your Company's present situation, your Directors regret to recommend a dividend for the
year under review.

TRANSFER TO RESERVES:

During the year under review, no amount was proposed to be transferred to Reserves. The details of
movement due to decrease in loss for financial year 2023-24 has been given in Note No.8 forming part of
Financial Statements.

TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND (IEPF):

Pursuant to the provision of the Companies Act, there is no unclaimed or unpaid dividend lying which
requires to be transferred to the Investor Education & Protection Fund (IEPF) of the Central Govt.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Appointment/Resiqnation of Director :

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the
Company during its Meeting held on 12.02.2024 has appointed Mr. Pushkar Laxmichand Galav
(DIN:09600593) as an Additional Non-Executive Director on the Board of the Company.

Mr. Devendra Kumar Agarwalla (DIN:00451072), Executive Director, has resigned from the Directorship
of the Company with effect from 12.02.2024.

Retirement by Rotation:

Pursuant to the provisions of Section 152(6) and other applicable provisions of the Companies Act, 2013
and Articles of Association of the Company, Mr. Adarsh Agarwalla (DIN:00527203), retires by rotation
from the Board at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Key Managerial Personnel:

In terms of Section 203 of the Act, the Key Managerial Personnel (KMPs) of the Company during FY
2023-24 are as follows:

> Mr. Adarsh Agarwalla (Whole-time Director);

> Mr. Avinash Landge (Chief Financial Officer);

> Mr. Om Prakash Ojha (Company Secretary).

There is no change in Key Managerial Personnel of the Company from the date of last Annual General
Meeting.

None of the Directors of the Company are disqualified as per section 164(2) of the Companies Act, 2013.
The Directors have also made necessary disclosures to the extent as required under provisions of section
184(1) as applicable.

NUMBER OF MEETINGS OF THE BOARD:

The details of the number of meetings of the Board held during the financial year 2023-2024 forms part of
the Corporate Governance Report.

DIRECTOR’S RESPONSIBILITY STATEMENT:

As required by Section 134(3)(c) of the Companies Act, 2013, your directors state that :

a. in the preparation of the annual accounts, the applicable accounting standards have been followed
with proper explanation relating to material departures;

b. the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the company at the end of the financial year 2023-2024 and of the loss of the
company for that period;

c. the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the company
and for preventing and detecting fraud and other irregularities;

d. the directors had prepared the annual accounts on a going concern basis;

e. they have laid down internal financial controls to be followed by the Company and such internal
financial controls are adequate and operating effectively;

f. they have devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems are adequate and operating effectively.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each Independent Director of the Company under
Section 149 (7) of the Companies Act, 2013 that the Independent Directors of the Company meet with the
criteria of their Independence laid down in Section 149 (6) of the Companies Act, 2013 and Regulation
16(1 )(b) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (hereinafter referred to as the SEBI (LODR), Regulations, 2015).

COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION:

Pursuant to provisions of Section 178 of the Companies Act, 2013 and SEBI LODR Regulations, 2015,
the Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration
Committee, has formulated a Remuneration Policy. At the present situation, no remuneration or sitting
fees are being paid or payable by the Company to its Directors as the Company is running with heavy
losses & cash crunch.

The criteria for identification of the Board Members including that for determining qualification, positive
attributes, independence etc. are summarily given here under:

> The Board Member shall possess appropriate skills, qualification, characteristics and experience.
The objective is to have a Board with diverse background and experience in business, government,
academics, technology, human resources, social responsibilities, finance, law etc. and in such other
areas as may be considered relevant or desirable to conduct the Company's business in a holistic
manner.

> Independent director shall be person of integrity and possess expertise and experience and/or
someone who the Committee/Board believes could contribute to the growth/philosophy/strategy of
the Company.

> In evaluating the suitability of individual Board Members, the Committee takes into account many
factors, including general understanding of the Company's business dynamics, global business,
social perspective, educational and professional background and personal achievements.

> Director should possess high level of personal and professional ethics, integrity and values. He
should be able to balance the legitimate interest and concerns of all the Company's stakeholders in
arriving at decisions, rather than advancing the interests of a particular section.

> Director must be willing to devote sufficient time and energy in carrying out their duties and
responsibilities effectively. He must have the aptitude to critically evaluate management's working
as part of a team in an environment of collegiality and trust.

> The Committee evaluates each individual with the objective of having a group that best enables the
success of the Company's business and achieves its objectives.

DETAILS RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND
EMPLOYEES:

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is not required to be given as there is no remuneration given to Whole time director or
employees and remuneration to Company Secretary (KMP) is only paid.

COMPLIANCE WITH SECRETARIAL STANDARD:

The Directors have devised proper systems to ensure compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and that such systems
are adequate and operating effectively.

BOARD EVALUATION & CRITERIA FOR EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI LODR Regulations, 2015, the Board has
carried out an annual evaluation of its own performance, the Directors individually as well as the evaluation
of the working of various Committees. The evaluation process inter alia considers attendance of Directors
at Board and committee meetings, acquaintance with business, compliance with code of conduct, vision
and strategy, which is in compliance with applicable laws, regulations and guidelines. The performance
evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation
of the Wholetime Director and the Non-Independent Directors was carried out by Independent Directors.
Details of the same are given in the Report on Corporate Governance annexed hereto.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

In compliance with provisions of Section 177(9) of the Companies Act, 2013 and SEBI LODR Regulations,
2015, the Company has framed a Vigil Mechanism/Whistle Blower Policy to deal with unethical behaviour,
actual or suspected fraud or violation of the company's code of conduct or ethics policy, if any.

CORPORATE SOCIAL RESPONSIBILITY:

The provisions of Section 135 of the Companies Act, 2013 on Corporate Social Responsibility are not
applicable to the Company.

LISTING:

The Equity Shares of your Company are listed at Bombay Stock Exchange Limited (BSE). The Company
had earlier filed application with the Calcutta Stock Exchange Ltd, Ahmedabad Stock Exchange Ltd. &
The Magadh Stock Exchange Ltd. for delisting of its equity shares under SEBI delisting guidelines. Vide
SEBI exit notice to Regional Stock Exchanges, the Ahmedabad Stock Exchange & Magadh Stock Exchange
has stopped its operation as a Stock Exchange although the Calcutta Stock Exchange is yet to comply the
SEBI circular for de-recognition of stock exchanges.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING:

In terms of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
your Company has adopted the Code of Conduct for Prevention of Insider Trading and the same is also
placed on the Company's website: www.foundryfuel.co.in.

DISCLOSURE REQUIREMENT:

i) Composition of Audit Committee:

The Board has constituted the Audit Committee complete details of the Committee are given in the
Corporate Governance Report, attached as Annexure to this Board's Report.

ii) Recommendation by Audit Committee:

There were no such instances where the recommendation of Audit Committee has not been accepted
by the Board during the financial year under review.

iii) Composition of Nomination & Remuneration Committee:

The Board has constituted the Nomination & Remuneration Committee complete details of the said
Committee are given in the Corporate Governance Report, attached as Annexure to this Board's
Report.

iv) Composition of Stakeholders Relationship Committee:

The Board has constituted the Stakeholders Relationship Committee complete details of the said
Committee are given in the Corporate Governance Report, attached as Annexure to this Board's
Report.

v) Risk Analysis:

The Company has well defined risk management framework in place comprising of regular audits
and checks for identifying, assessing, mitigating, monitoring and reporting of risks associated with
the businesses of the Company. Major risks as identified are systematically addressed by the
concerned process owners through risk mitigation actions on a continuing basis.

vi) Annual Return:

Pursuant to Section 134(3)(a) of the Companies Act, 2013 and amendments thereof and in compliance
of the Companies (Amendment) Act, 2017, effective August 28, 2020, the draft Annual Return for
the financial year 2023-24 is placed on the website of the Company at www.foundryfuel.co.in

vii) Corporate Governance:

Your Company has initiated, by providing the shareholders, to avail the option of receiving online
the requisite documents i.e. notices, annual reports, disclosures and all other communications, by
registering their e-mail id for the success of ‘Green Initiative' as per MCA circular no. 17/2011 & No.
18/2011.

The Company continues to comply with the requirements of SEBI LODR Regulations, 2015 regarding
Corporate Governance though the Company is exempted from complying with the Corporate
Governance Code. The Report on Corporate Governance, Certification by CEO/CFO and the
Management Discussion & Analysis Report are attached herewith which form part of this Annual
Report.

viii) Nomination, Remuneration and Evaluation Policy:

The Company on recommendation of its Nomination & Remuneration Committee has laid down a
Nomination, Remuneration and Evaluation Policy, in compliance with the provisions of the Companies
Act, 2013 read with the Rules made therein and the Listing Agreement with the stock exchanges (as
amended from time to time). This Policy is formulated to provide a framework and set standards in
relation to the followings:

a. Criteria for appointment and removal of Directors, Key Managerial Personnel (KMP) and Senior
Management Executives of the Company.

b. Evaluation of the performance of the Directors.

c. Criteria for determining qualifications, positive attributes and independence of a Director.
SHARE CAPITAL:

The paid up equity capital as on March 31, 2024 was Rs. 801.94 Lakhs. The company has not issued
shares with differential voting rights nor granted stock options nor sweat equity or any kind of shares &
securities during the financial year 2023-24

FINANCE:

The company continues to focus on judicious management of its working capital, Receivables, inventories
and other working capital parameters were kept under strict check through continuous monitoring.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act,
2013 and the Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees covered under the provisions of section 186 of the
Companies Act, 2013.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has implemented and evaluated the Internal Financial Controls which provide a reasonable
assurance in respect of providing financial and operational information, complying with applicable statutes
and policies, safeguarding of assets, prevention and detection of frauds, accuracy and completeness of
accounting records.

The Company has in place an adequate and robust system for Internal Financial Controls commensurate
with the size and nature of its business. Internal Financial Controls Systems are integral to the Company's
corporate governance policy and no reportable material weaknesses were observed in operations.

COMPLIANCE WITH PROVISIONS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company is committed to uphold and maintain the dignity of women employees and it has in place a
policy which provides for protection against sexual harassment of women at work place and for prevention
and redressal of such complaints. During the financial year no such complaints were received.

RELATED PARTY TRANSACTIONS:

The operations of the Company has been stopped since the year 2010 there are no materially significant
related party transactions during the year under review, hence, the provisions of Section 188 of the
Companies Act, 2013 are not attracted.

RISK MANAGEMENT:

Risk management is the process of identification, assessment, and prioritization of risks followed by
coordinated efforts to minimize, monitor and mitigate/control the probability and / or impact of unfortunate
events or to maximize the realization of opportunities. The Company has laid a comprehensive Risk
Assessment and Minimization Procedure which is reviewed by the Audit Committee and approved by the
Board from time to time.

PARTICULARS OF EMPLOYEES:

There is no such employee in the Company, the information of which is required to be furnished under
provisions of the Companies Act, 2013 and Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014. Having regard to the provisions of Section 136 of
the Companies Act, 2013, the Annual Report excluding the aforesaid information is being sent to the
members of the Company.

HUMAN RESOURCE DEVELOPMENT INDUSTRIAL RELATIONS:

There is a continuous effort for better Human Resource (HR) service delivery in order to better serve the
customers with simpler well executed processes with proper use of technology. HR service delivery has
become all the more critical in the organization due to rise in customer expectation.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:

Your Company used electricity provided by state electricity board in form of energy, the consumption of
which is very minimal. As required under provisions of the Companies Act, 2013 and Rule 8(3) of Companies
(Accounts) Rules, 2014 details relating to Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo, no such technology absorbed by the Company and no foreign exchange
transactions are there during the period under review.

AUDITORS & AUDITORS’ REPORT:

A. Statutory Auditors:

During the year, M/s. C V Pagariya & Co., Chartered Accountants, (Firm Registration No.: 127772W),
have tendered their resignation dated August 12, 2024. Basis this, subject to the approval of the
members of the Company, the Audit Committee and the Board of Directors during their meeting
held on August 12, 2024 have considered and recommended the appointment of M/s. Bohra & Co.,
Chartered Accountants, (Firm Registration No.: 136492W) as the Statutory Auditors of the Company,
to fill the casual vacancy caused due to resignation of the M/s. C V Pagariya & Co., Chartered
Accountants, for a period of 1 (One) year from the conclusion of the ensuing Annual General Meeting
to be held for the Financial Year 2023-24 until the conclusion of Annual General Meeting to be held
for the Financial Year 2024-25 in place of the outgoing Auditors. The Auditors have confirmed their
eligibility and that they are not disqualified from holding of office of Auditors of the Company.

The notes on accounts referred to in the Auditors' Report are self-explanatory and, therefore, do not
call for any further comments. The Auditors' Report does not contain any qualification, reservation,
adverse remark or disclaimer.

B. Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed
M/s. D. Raut & Associates, Practicing Company Secretary to conduct Secretarial Audit of the Company
for the Financial Year 2023-2024. The Secretarial Audit Report for the Financial Year ended
31^st March, 2024 is annexed herewith and marked as ‘Annexure - A’.

The Report is self-explanatory and the Secretarial Auditors has given his observation in his report to
the Board and the Board's reply as under:

C. Cost Auditor & Cost Audit Report:

Pursuant to Section 148 of the Companies Act 2013 and the Companies (Cost Records and Audit)
Rules, 2014 framed thereunder, it is not obligatory for your Company to appoint a Cost Auditor.

DETAILS OF FRAUD REPORT BY AUDITOR:

As per auditors' report, no fraud u/s 143(12) reported by the auditor.

GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE:

No significant and material order has been passed by the regulators, courts, tribunals impacting the going
concern status and company's operations in future.

PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE 2016 (IBC):

As on date, there is no proceeding pending under ‘The Insolvency & Bankruptcy Code 2016'.

DETAILS OF ONE TIME SETTLEMENT WITH THE BANKS:

As on date, there was no instance of one-time settlement with any Bank or Financial Institution.
ACKNOWLEDGEMENT:

Your Directors express their appreciation or assistance and co-operation received from Government
authorities, banks, vendors, customers and Shareholders of the Company. Your Directors also wish to
place on record their sincere sense of appreciation for their continuous support, the sincere efforts put in
by all employees and workmen in the performance of the Company.

By Order of the Board of Directors
For Foundry Fuel Products Ltd.

Place: Mumbai (Adarsh Agarwalla)

Date: 12.08.2024 Whole time Director